SEC charges VW over ‘Dieselgate’

The Securities and Exchange Commission (SEC) has charged Volkswagen, two of its subsidiaries, and its former CEO, Martin Winterkorn, for allegedly defrauding U.S. investors during the so-called Dieselgate scandal. Investigators claim the company raised billions of dollars through the corporate bond and fixed income markets while making a series of deceptive claims about the environmental impact of the company's ‘clean diesel’ fleet. According to the US regulator’s complaint, from April 2014 to May 2015, Volkswagen issued more than $13 billion in bonds and asset-backed securities in the US markets at a time when senior executives knew that more than 500,000 vehicles in the US grossly exceeded legal vehicle emissions limits, exposing the company to massive financial and reputational harm.

SEC charges VW over ‘Dieselgate’

Mar 22, 2019

The Securities and Exchange Commission (SEC) has charged Volkswagen, two of its subsidiaries, and its former CEO, Martin Winterkorn, for allegedly defrauding U.S. investors during the so-called Dieselgate scandal. Investigators claim the company raised billions of dollars through the corporate bond and fixed income markets while making a series of deceptive claims about the environmental impact of the company's ‘clean diesel’ fleet. According to the US regulator’s complaint, from April 2014 to May 2015, Volkswagen issued more than $13 billion in bonds and asset-backed securities in the US markets at a time when senior executives knew that more than 500,000 vehicles in the US grossly exceeded legal vehicle emissions limits, exposing the company to massive financial and reputational harm.

US equipment leasing industry confidence up again

Confidence in the US equipment finance market increased in March for the second consecutive month, according to data from the Equipment and Leasing Finance Foundation. It saw its March monthly confidence index for the equipment finance industry (MCI-EFI) rise to 60.4, up from the February index of 56.7. When asked about the outlook for the future, MCI-EFI survey respondent Harry Kaplun, president, specialty finance, Frost Bank, said: “This year will continue to be prosperous as economic indicators are predicting. Business growth is spurred by low interest rates, favorable tax rates and expansion oriented investment.”

US equipment leasing industry confidence up again

Mar 22, 2019

Confidence in the US equipment finance market increased in March for the second consecutive month, according to data from the Equipment and Leasing Finance Foundation. It saw its March monthly confidence index for the equipment finance industry (MCI-EFI) rise to 60.4, up from the February index of 56.7. When asked about the outlook for the future, MCI-EFI survey respondent Harry Kaplun, president, specialty finance, Frost Bank, said: “This year will continue to be prosperous as economic indicators are predicting. Business growth is spurred by low interest rates, favorable tax rates and expansion oriented investment.”

Moovit adds parking to transit app

Transit data app specialist Moovit is to partner with SpotHero, the leading marketplace and mobility platform for off-street parking in North America, so users can benefit from its network of parking facilities. According to a survey of Moovit users in the suburbs of San Francisco, Los Angeles, New York and Washington, DC, 58% of commuters who drive as part of their daily commute said they spend more than five minutes looking for parking, and 73% say parking at transit stations is “frustrating.”

Moovit adds parking to transit app

Mar 22, 2019

Transit data app specialist Moovit is to partner with SpotHero, the leading marketplace and mobility platform for off-street parking in North America, so users can benefit from its network of parking facilities. According to a survey of Moovit users in the suburbs of San Francisco, Los Angeles, New York and Washington, DC, 58% of commuters who drive as part of their daily commute said they spend more than five minutes looking for parking, and 73% say parking at transit stations is “frustrating.”

 

Making finance sourcing as simple as booking a flight

Innovative finance company iwoca is bringing radical change to the way small businesses source funding with its new digital platform. The tech-enabled lender was developed by chief executive officer Christoph Rieche after he saw how much SME’s struggled to obtain finance when they needed it because banks were reluctant to lend or tied them up in paperwork. In response, iwoca used digitalisation and new technology to drastically reduce the administration involved in sourcing finance, so now an SME can obtain a loan using a digital device in a matter of minutes. Rieche said: “Part of our mission is to make it as simple as booking a flight ticket, which really brings us to the DNA of the company; we see ourselves much more as a technology company than a bank or finance company.” You can see how the process works in this exclusive video, provided courtesy of global automotive, consumer and equipment finance software company White Clarke Group.

Making finance sourcing as simple as booking a flight

Mar 19, 2019

Innovative finance company iwoca is bringing radical change to the way small businesses source funding with its new digital platform. The tech-enabled lender was developed by chief executive officer Christoph Rieche after he saw how much SME’s struggled to obtain finance when they needed it because banks were reluctant to lend or tied them up in paperwork. In response, iwoca used digitalisation and new technology to drastically reduce the administration involved in sourcing finance, so now an SME can obtain a loan using a digital device in a matter of minutes. Rieche said: “Part of our mission is to make it as simple as booking a flight ticket, which really brings us to the DNA of the company; we see ourselves much more as a technology company than a bank or finance company.” You can see how the process works in this exclusive video, provided courtesy of global automotive, consumer and equipment finance software company White Clarke Group.

 
 

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Jens Legenbauer appointed chairman of Volkswagen Leasing

Volkswagen Financial Services has announced that the current regional manager of Europe, Jens Legenbauer, will be the next chairman of the management board of Volkswagen Leasing. Legenbauer (pictured) began his career at Volkswagen and moved to VWFS in 1995, where his roles included head of contract management and a regional head of sales.

Jens Legenbauer appointed chairman of Volkswagen Leasing

Mar 22, 2019

Volkswagen Financial Services has announced that the current regional manager of Europe, Jens Legenbauer, will be the next chairman of the management board of Volkswagen Leasing. Legenbauer (pictured) began his career at Volkswagen and moved to VWFS in 1995, where his roles included head of contract management and a regional head of sales.

Daimler Financial Services acquires stake in fleet management software provider

Daimler Financial Services has made a strategic investment in Belgian fleet management software developer FleetMaster. The deal to acquire a minority shareholding will generate additional funds for FleetMaster that will be used to finance global expansion.

Daimler Financial Services acquires stake in fleet management software provider

Mar 22, 2019

Daimler Financial Services has made a strategic investment in Belgian fleet management software developer FleetMaster. The deal to acquire a minority shareholding will generate additional funds for FleetMaster that will be used to finance global expansion.

Volkswagen Financial Services plans to standardise IT systems as part of cost reduction programme

Volkswagen Financial Services is launching an efficiency drive that is expected to generate annual savings of €850 million, including the use of standardised IT systems. The plan was revealed by Lars Henner Santelmann (pictured), chairman of the management board of Volkswagen Financial Services, as the company revealed record results for 2018, with total contracts rising 5.5% to 20.3 million during the year. He said: “Our intention is to reach a portfolio of 30 million contracts by 2025 and also save €850 million each year from then onwards. This will be achieved by enhancing our productivity, by introducing standard IT systems and by optimising our sales costs.”

Volkswagen Financial Services plans to standardise IT systems as part of cost reduction programme

Mar 22, 2019

Volkswagen Financial Services is launching an efficiency drive that is expected to generate annual savings of €850 million, including the use of standardised IT systems. The plan was revealed by Lars Henner Santelmann (pictured), chairman of the management board of Volkswagen Financial Services, as the company revealed record results for 2018, with total contracts rising 5.5% to 20.3 million during the year. He said: “Our intention is to reach a portfolio of 30 million contracts by 2025 and also save €850 million each year from then onwards. This will be achieved by enhancing our productivity, by introducing standard IT systems and by optimising our sales costs.”

 

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Mining data: how successful is the asset finance industry at striking gold?

Changing customer expectations are reshaping the asset finance industry. As Jochen Jehmlich, CEO, Societe Generale Equipment Finance (SGEF), points out, the key trend is a strong move away from traditional acquisition of equipment towards a usage and service-based approach, supported by innovations in technology. Disruptive start-ups such as ride hailing service Uber have led the way on this, but the switch from a focus on owning equipment to wanting to pay for outcomes is spreading, facilitated by the use of data collected from connected devices as part of the Internet of Things (IoT). Having a network of devices fitted to equipment and vehicles allows vendors, users and lenders to connect, interact and exchange data.

Mining data: how successful is the asset finance industry at striking gold?

Feb 12, 2019

Changing customer expectations are reshaping the asset finance industry. As Jochen Jehmlich, CEO, Societe Generale Equipment Finance (SGEF), points out, the key trend is a strong move away from traditional acquisition of equipment towards a usage and service-based approach, supported by innovations in technology. Disruptive start-ups such as ride hailing service Uber have led the way on this, but the switch from a focus on owning equipment to wanting to pay for outcomes is spreading, facilitated by the use of data collected from connected devices as part of the Internet of Things (IoT). Having a network of devices fitted to equipment and vehicles allows vendors, users and lenders to connect, interact and exchange data.

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How new regulations will reshape the future of fleet leasing

New regulations are reshaping the future of the fleet market and leasing companies will need to adapt to maximise potential growth opportunities. Factors including new European emissions tests, the introduction of UK clean air zones and a rapid shift away from diesel are among a host of issues that will disrupt the fleet market for years to come. In response, the International Asset Finance Network is hosting a new briefing on April 4 in London to look at how the future of the fleet market will be reshaped by new regulations. The IAFN Consumer and Business Auto Finance Regulatory Forum 2019 will deliver insights that help executives from leasing companies to manage the impact of new regulations and legislation and the changes they will bring.

How new regulations will reshape the future of fleet leasing

Mar 21, 2019

New regulations are reshaping the future of the fleet market and leasing companies will need to adapt to maximise potential growth opportunities. Factors including new European emissions tests, the introduction of UK clean air zones and a rapid shift away from diesel are among a host of issues that will disrupt the fleet market for years to come. In response, the International Asset Finance Network is hosting a new briefing on April 4 in London to look at how the future of the fleet market will be reshaped by new regulations. The IAFN Consumer and Business Auto Finance Regulatory Forum 2019 will deliver insights that help executives from leasing companies to manage the impact of new regulations and legislation and the changes they will bring.

Management changes for APD Global Research as it builds on record year

APD Global Research has appointed Kathryn Courtenay-Evans as UK managing director. Courtenay-Evans (pictured left), formerly commercial director, will focus on growing the company’s utility and non-automotive client base and will report to executive chairman Paul Turner. The company has also promoted Karl Fisher (pictured right) to client services director from his previous role as operations director to support existing customers and build its automotive business.

Management changes for APD Global Research as it builds on record year

Mar 21, 2019

APD Global Research has appointed Kathryn Courtenay-Evans as UK managing director. Courtenay-Evans (pictured left), formerly commercial director, will focus on growing the company’s utility and non-automotive client base and will report to executive chairman Paul Turner. The company has also promoted Karl Fisher (pictured right) to client services director from his previous role as operations director to support existing customers and build its automotive business.

NETSOL deploys NFS Ascent Suite in China as part of $110 million global contract

Global finance software solutions provider NETSOL Technologies has implemented its NFS Ascent Suite in China for a leading German auto-captive in the latest stage of a $110 million multi-country implementation. The contract, which is the largest in NETSOL’s history, covers 12 countries and includes implementations, licences, maintenance, services and expected customisation fees. China is the sixth and largest deployment of the system following successful implementations in Australia, New Zealand, South Africa, South Korea and Thailand.

NETSOL deploys NFS Ascent Suite in China as part of $110 million global contract

Mar 21, 2019

Global finance software solutions provider NETSOL Technologies has implemented its NFS Ascent Suite in China for a leading German auto-captive in the latest stage of a $110 million multi-country implementation. The contract, which is the largest in NETSOL’s history, covers 12 countries and includes implementations, licences, maintenance, services and expected customisation fees. China is the sixth and largest deployment of the system following successful implementations in Australia, New Zealand, South Africa, South Korea and Thailand.

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ALD boosts global reach with SternLease acquisition in Netherlands

ALD Automotive, the global leasing and fleet management provider, has acquired Dutch leasing company SternLease from its parent company Stern Group, the Dutch automotive retail and services provider. SternLease has a fleet of around 13,000 vehicles rented to SMEs and private individuals in the Netherlands. It provides leasing services through direct sales and through Stern Group’s network of 85 local dealerships.

ALD boosts global reach with SternLease acquisition in Netherlands

Mar 21, 2019

ALD Automotive, the global leasing and fleet management provider, has acquired Dutch leasing company SternLease from its parent company Stern Group, the Dutch automotive retail and services provider. SternLease has a fleet of around 13,000 vehicles rented to SMEs and private individuals in the Netherlands. It provides leasing services through direct sales and through Stern Group’s network of 85 local dealerships.

Personal leasing predicted to become new consumer finance favourite

The low-cost benefits of personal leasing are generating a change in attitude among consumers that could see it supersede traditional finance options such as hire purchase or personal contract purchase, according to Concept Vehicle Leasing. Paul Bulloch (pictured), managing director of Concept Vehicle Leasing, made the claim following the publication of British Vehicle Rental & Leasing Association figures that showed a leap in demand among consumers. Last year, the number of personal contracts for cars held among BVRLA members was more than 1.8 million, a rise of 14% year-on-year.

Personal leasing predicted to become new consumer finance favourite

Mar 21, 2019

The low-cost benefits of personal leasing are generating a change in attitude among consumers that could see it supersede traditional finance options such as hire purchase or personal contract purchase, according to Concept Vehicle Leasing. Paul Bulloch (pictured), managing director of Concept Vehicle Leasing, made the claim following the publication of British Vehicle Rental & Leasing Association figures that showed a leap in demand among consumers. Last year, the number of personal contracts for cars held among BVRLA members was more than 1.8 million, a rise of 14% year-on-year.

Founder of Zopa urges leaders at inaugural Leasing Foundation tech innovation debate to challenge the status quo

Leasing leaders have been urged to challenge the status quo and actively search for new business ideas as they define the future of finance, during a new forum designed to inspire innovation in the industry. James Alexander (pictured), co-founder of disruptive finance company Zopa, the world’s first peer-to-peer lender, said executives needed a single-minded drive to see ideas succeed. Speaking at the inaugural Leasing Foundation Innovation Initiative breakfast debate, he added that perspective is critical. “If you stand in the present and look forward, you can just see barriers and obstacles; if you stand in the future and look back, it becomes apparent what has to change,” he said.

Founder of Zopa urges leaders at inaugural Leasing Foundation tech innovation debate to challenge the status quo

Mar 15, 2019

Leasing leaders have been urged to challenge the status quo and actively search for new business ideas as they define the future of finance, during a new forum designed to inspire innovation in the industry. James Alexander (pictured), co-founder of disruptive finance company Zopa, the world’s first peer-to-peer lender, said executives needed a single-minded drive to see ideas succeed. Speaking at the inaugural Leasing Foundation Innovation Initiative breakfast debate, he added that perspective is critical. “If you stand in the present and look forward, you can just see barriers and obstacles; if you stand in the future and look back, it becomes apparent what has to change,” he said.

How an operational evaluation framework helps when expanding captive financing operations into new regions

Many progressive captive finance organisations have a regional expansion strategy to deliver on their shareholder and customer expectations. Shareholders expect to see an increased ROE from regional expansion through incremental sales and services volumes. Customers, who have a wide regional presence, expect the vendor organisation to provide an extensive range of products and services across multiple countries. An ambitious and well-planned captive expansion strategy can provide the platform to satisfy both the shareholder and customer demands. In supporting the OEM, as well as its partners and customers, a captive organisation’s growth strategy typically includes the expansion of financing capabilities into new countries.

How an operational evaluation framework helps when expanding captive financing operations into new regions

Mar 21, 2019

Many progressive captive finance organisations have a regional expansion strategy to deliver on their shareholder and customer expectations. Shareholders expect to see an increased ROE from regional expansion through incremental sales and services volumes. Customers, who have a wide regional presence, expect the vendor organisation to provide an extensive range of products and services across multiple countries. An ambitious and well-planned captive expansion strategy can provide the platform to satisfy both the shareholder and customer demands. In supporting the OEM, as well as its partners and customers, a captive organisation’s growth strategy typically includes the expansion of financing capabilities into new countries.

PayPal working capital funding jumps 60% to £1 billion in UK as SME demand grows

Online payments giant PayPal increased funding to UK SMEs through its working capital arm to £1 billion last year, an increase of 60%. The rapid increase in advances comes as traditional bank lending to SMEs remains flat, according to figures released by the UK government. PayPal attributes its success to technology and its extensive data insights from the accounts of applicants that use its platform, which allows it to bypass the lengthy application process of traditional business finance.

PayPal working capital funding jumps 60% to £1 billion in UK as SME demand grows

Mar 20, 2019

Online payments giant PayPal increased funding to UK SMEs through its working capital arm to £1 billion last year, an increase of 60%. The rapid increase in advances comes as traditional bank lending to SMEs remains flat, according to figures released by the UK government. PayPal attributes its success to technology and its extensive data insights from the accounts of applicants that use its platform, which allows it to bypass the lengthy application process of traditional business finance.

Hyundai and Kia invest $300m in India’s largest mobility service provider Ola

Hyundai Motor Group has announced a $300 million investment into Uber-rival Ola, as the car manufacturer expands into providing mobility solutions and related fleet services. The agreement will see Hyundai, Kia and Ola collaborate on developing fleet and mobility solutions by building India-specific electric vehicles and support services, as well as helping Ola attract new drivers to the platform. As part of the strategic collaboration, the companies will jointly develop services to operate and manage the Ola fleet, as Hyundai Motor Group expands its operations from automobile manufacturing and sales to mobility services and total fleet solutions.

Hyundai and Kia invest $300m in India’s largest mobility service provider Ola

Mar 19, 2019

Hyundai Motor Group has announced a $300 million investment into Uber-rival Ola, as the car manufacturer expands into providing mobility solutions and related fleet services. The agreement will see Hyundai, Kia and Ola collaborate on developing fleet and mobility solutions by building India-specific electric vehicles and support services, as well as helping Ola attract new drivers to the platform. As part of the strategic collaboration, the companies will jointly develop services to operate and manage the Ola fleet, as Hyundai Motor Group expands its operations from automobile manufacturing and sales to mobility services and total fleet solutions.

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